banking sector 13.09.10.jpgLocal banks have been castigated for their high banking charges that are discouraging savings from industry and households in a move feared to pose challenges on policies to revive the economy.

 

 

In spite of calls from both the monetary and fiscal authorities for the financial institutions to adjust banking charges in line with the stable economic conditions, most financial institutions have not yet complied.

 

Depositors who spoke to ZBC News said relevant authorities should intervene to ensure that bank charges are adjusted so as to stimulate saving and improve confidence within the economy.

 

Bankers Association of Zimbabwe President, Mr. John Mushayavanhu said consultations with relevant authorities on the issue are in progress but hinted that the high bank charges are due to high operational costs.